Connected Logistics Market is predicted to thrive at a CAGR of 6.2% and valued at over USD 41.51 billion over the forecast year 2021-2030
Connected logistics refer to a set of hardware and software that enables real-time access, track shipments, enhanced productivity and efficiency through the use of various integrated platforms. Connected logistics integrate multiple devices into single operational platform to enable informed decision making regarding the logistics process. Connected logistics service providers have developed various solutions for ease of accessibility and extensive interoperability. These solutions offer interconnected services from both ends that help in easing the entire operational process.
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Top Companies: SAP, Thingworx, AT&T Inc., SecureRF, Cisco Systems Inc., Zebra Technologies, IBM Corporation, GT Nexus, Eurotech S.P.A., Oracle
Market Dynamics and Trends
The increase in demand for real time information, the ever-growing need for mobility and minimum cost of administrative processes are factors that complement the growth of this market. Also, technological advancements coupled with the increased internet penetration, and the growing popularity of cloud-based services are expected to promote the growth of connected logistics market. However, increasing cases of cyber-attacks, security issues and hacking incidences are anticipated to hinder market growth. Contradictorily, rise in E-commerce coupled with globalization and infrastructure development are expected to create opportunities to further propel market growth.
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Market Segmentations and Scope of the Study:
The global connected logistics market share is segmented on the basis of technology, devices, and geography. On the basis of technology, the market is categorized into Bluetooth, cellular, Wi-Fi, ZigBee, NFC and satellite. On the basis of devices, the market is segmented into gateways, RFID tags and sensor nodes. Geographic fragmentation and analysis of each segment includes regions comprising North America, Europe, Asia Pacific and RoW.
In terms of geography, North America held major share of the market in 2019. This is due to the presence of advanced infrastructure and the growing e-commerce industry in this region. However, Asia pacific is expected to grow rapidly with increasing market size due to the rapid expansion of the automotive industry in this region. Moreover, developing road infrastructure along with the increasing internet penetration in this region will serve as supplementing factors to the growth of the connected logistics market in this region. On the contrary, growing cyber security concerns could restrain market growth.
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